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Foreign exchange

Why is Ghana Cedis higher than Nigerian Naira today?

You might probably not know that Nigeria naira was once equal to pounds and higher in value than dollar.

If we are to talk about things that lead to the depreciation of our currency, we will considering so many points which includes the drastic reduction in our exportation.

The reduction in oil price has made Nigeria suffer lots of pressure which makes the central bank not able to maintain the worth of the currency, and the fall of it in the forex market.

Ghana was colonised by the Britain, the currency used in Ghana before independence was pounds, after independence in 1965 Ghana decided to change from pound and use her own currency which is Cide.

Nigeria naira was once the highest currency in Africa but today it's Ghana cedis.

GHS 1 equals 67.27 NGN

This become so of the reason why some Nigerian relocated to Ghana to work so that they can be rich in Nigeria when they come back.

1 USD equals GHS 5.6

1 USD equals NGN 360

Nigeria naira has drastically depreciated and still not improving which makes it tends to depreciate more. 

let's discuss in the comment section why Nigeria naira has been disvalued in this manner.

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Britain Ghana Ghana Cedis Naira Nigeria


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